SWOT Analysis: A Crucial Analysis In Marketing

Definition of SWOT Analysis

SWOT Analysis is defined as a planning methodology that is well structured and is utilized to assess the strengths, weaknesses, opportunities and threats that are involved within a particular business project. A SWOT Analysis can also be termed as a SWOT Matrix. A SWOT Analysis can be experimented upon anyone as a person, product or even an industry.

SWOT Analysis helps marketers to identify the external as well as internal factors of a business venture that can come into its way while achieving its targets. The SWOT Analysis can be defined in the following way:

• Strength: Features of a business that provides it benefits over others.
• Weakness: Features of a business that leads it to a disadvantage over others.
• Opportunities: Factors that a business can utilize to achieve benefits over others.
• Threats: Factors in the external environment that can do harm to the business.

Textbooks on SWOT Analysis

SWOT Analysis is a framework, topic or technique that every marketer needs to learn about and should practice it for strategy formulation regarding his or her company. Here are the details of some crucial textbooks that are based on the topic of SWOT Analysis:

• Swot Analysis - Idea, Methodology and a Practical Approach by Nadine Pahl and Anne Richter (Published by BoD – Books on Demand – Year 2009).
• SWOT Analysis: A Tool for Making Better Business Decisions written and published by U.S. Department of Agriculture, Risk Management Agency (Year 2008).

Examples of SWOT Analysis

Example 1: An interesting example of SWOT Analysis can be its utilization by Non-Profit Organizations and individuals. They utilize this technique for executing a decision-making situation, where instant yet correct decisions need to be made. Decisions that come out from the application of SWOT Analysis can be correct as per the objectives.  

Example 2: Another interesting example of SWOT Analysis can be its utilization by governmental units. These units can utilize SWOT Analysis in situations like pre-crisis planning or even for crisis management purposes. Government agencies also utilize SWOT Analysis while carrying out Viability Surveys to plan and implement government projects.

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